Google searches for “bitcoin zero” in the United States reached a record high in February, coinciding with a significant slide in the cryptocurrency’s value, according to data released Wednesday.
The search term hit a score of 100 on Google Trends’ relative interest scale, as Bitcoin’s price fell toward $60,000 after peaking in October at $126,000, representing a more than 50% drawdown. The surge in searches suggests heightened anxiety among U.S. Retail investors, though analysts caution that the metric’s significance has evolved with the growth of the cryptocurrency market.
While the current spike mirrors similar peaks observed in 2021 and 2022 – both of which preceded local price bottoms – the broader global picture presents a contrasting narrative. Worldwide searches for “bitcoin zero” peaked in August and have since declined, falling to a score of 38 this month. This divergence indicates that the current wave of fear is largely concentrated within the U.S., rather than reflecting a global sentiment shift.
Experts suggest that U.S.-specific economic and geopolitical factors may be driving the localized panic. Recent escalations in tariffs, ongoing tensions with Iran and a broader risk-off rotation in domestic equities have dominated the macro narrative in the U.S., potentially amplifying concerns among investors. Holders in Asia and Europe may be experiencing the price decline within a different news cycle, lessening the immediate emotional impact.
It’s important to note that Google Trends measures relative interest, not absolute search volume. A score of 100 in February 2026, with a significantly larger U.S. Bitcoin user base than in previous years, does not necessarily equate to more people searching for the term in raw numbers. Instead, it signifies a greater spike in interest relative to the baseline for that period. Bitcoin’s increased mainstream visibility since 2021 further complicates the interpretation of these search trends.
According to crypto intelligence platform Perception, fear in 2022 was driven by internal events within the crypto industry, such as the collapse of FTX and other centralized lenders. Today’s fear, however, is “driven by macro fears and being amplified by a single bearish voice,” according to founder Fernando Nikolic.
The Bitcoin Fear and Greed Index has as well plunged into extreme fear, reaching a level of 9, a level not seen since the Terra ecosystem collapse and the FTX fallout in 2022.
Spot Bitcoin ETFs have experienced five consecutive weeks of outflows, adding to the negative sentiment. As of Thursday, Bitcoin was trading around $66,500, nearly 50% below its peak.